CalendarC CengageNOWv2 | Online teaching and learning resource from Cengage LearningCash Dividends on Common StockWildebeest Corp. is authorized to issue 2,000,000 shares of common stock. At the beginning of the year, Wildebeest had 320,000 issued and outstanding shares. On July2, Wildebeest repurchased 4,610 shares of its common stock at $28 per share. On March 1 and September 1, Wildebeest declared a cash dividend of $1.10 per share. Thdividends were paid on April 1 and October 1.Required:1. Prepare the journal entries to record the declaration of the two cash dividends. If an amount box does not require an entry, leave it blank.Mar. 1Sept. 12. Prepare the journal entries to record the payment of the two dividends. If an amount box does not require an entry, leave it blank.Аpr. 1Oct. 13. Conceptual Connection: Explain why the amounts of the two dividends are different.The number of shares outstandingdue to the purchase of treasury stock on July 2.(PreviousNextChorkMLMindamore Check.MWorkuses.cemaiping.

Shares purchased as Treasury stock is not outstanding. So , no Dividend is declared on shares…

Answered: Cash Dividends on Common Stock

Business

Accounting

Cash Dividends on Common Stock

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.13AMCP

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